Gold prices slip below 6,000 TL amid Fed rate‑rise expectations

During the last trading days of June 2026, gram gold in Turkey fell below the 6,000 TL level, trading around 6,010 TL, while the ons price hovered near the $4,000 threshold (about $3,990‑$4,011). The decline was linked to expectations that the U.S. Federal Reserve will continue raising interest rates, a strengthening U.S. dollar, and heightened U.S.–Iran geopolitical tension, all of which pressured safe‑haven demand for gold. Spot gold slipped 0.3‑0.9 % on the day, and related Turkish gold products – quarter gold and half gold – were quoted near 9,800‑9,900 TL per unit. Analysts warned that if the Fed’s tightening persists, ons gold could test $3,400, while others, such as UBS, projected a possible rally to $5,200 within a year. Silver also experienced volatility, with intra‑day moves between $58.60 and $59.16 per ounce, indicating a tentative rebound but remaining under pressure. The market narrative emphasized that the current price action reflects broader macro‑economic factors rather than domestic Turkish policy alone.